The Lightstone Group Acquires Bronx Multifamily Portfolio For $53M From Seller Bronx River Management Corporation – Martin Shapiro
SOLD
$53,000,000
+ 1
New York
See Similar DealsMultiFamily15,296 SF
Sold 09/04/2018
SOLD
The Lightstone Group Acquires Bronx Multifamily Portfolio For $53M From Seller Bronx River Management Corporation – Martin Shapiro
2197 Cruger Ave, The Bronx, NY 10462, USA
See Similar DealsMultiFamily15,296 SF
Sold 09/04/2018
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$3,465
Total Square Footage:15,296 SF
Transaction Type:Sale
The Bronx multifamily properties located at 2197 Cruger Avenue, 2198 Cruger Avenue, and 2180 Bronx Park East have been sold in a closed transaction for a total price of $53,000,000. The properties were sold by Bronx River Management Corporation, represented by Martin Shapiro, to The Lightstone Group. The sale was facilitated by Robert Shapiro of Cushman & Wakefield.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Address: 2197 Cruger Avenue, 2198 Cruger Avenue, and 2180 Bronx Park East
- Market: Bronx
The deal involved key individuals and companies such as Robert Shapiro, Bob Knakal, Mitch Hochberg, Jonathan Squires, and Andrew Lichtenstein. It is noteworthy that Martin Shapiro of Bronx River Management Corporation played a crucial role as the seller's representative in the transaction. The Lightstone Group, led by their representatives, successfully acquired the multifamily properties in the Bronx.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$188,297.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$251,247.04
Annual Debt Service$3,014,964.47
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